Adobe (NASDAQ:ADBE) Trading 1% Higher – What’s Next?

Adobe Inc. (NASDAQ:ADBE)’s stock price was up 1% during mid-day trading on Tuesday . The stock traded as high as $443.00 and last traded at $442.88. Approximately 605,205 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 3,811,851 shares. The stock had previously closed at $438.60.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of analyst reports. Mizuho cut their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research report on Wednesday, January 15th. Stifel Nicolaus lowered their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and reduced their target price for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Finally, Citigroup dropped their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Stock Performance

The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a 50-day moving average price of $460.36 and a 200-day moving average price of $502.16. The company has a market capitalization of $191.51 billion, a price-to-earnings ratio of 35.46, a PEG ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business posted $3.52 earnings per share. As a group, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is owned by company insiders.

Hedge Funds Weigh In On Adobe

Several hedge funds have recently bought and sold shares of ADBE. International Assets Investment Management LLC lifted its stake in Adobe by 66,909.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after purchasing an additional 1,376,333 shares during the last quarter. FMR LLC lifted its stake in shares of Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after acquiring an additional 787,356 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Adobe by 42.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after acquiring an additional 347,536 shares during the last quarter. Seilern Investment Management Ltd acquired a new stake in shares of Adobe during the 4th quarter valued at $110,744,000. Finally, Erste Asset Management GmbH acquired a new position in Adobe in the 3rd quarter worth about $126,703,000. 81.79% of the stock is owned by institutional investors.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.